University of California Board of Regents today is interviewing Barclays Global Investors and State Street Global Advisors to manage up to $12.7 billion total in passive mandates. The selection follows an asset allocation study by Wilshire Associates that would shift 7% of total assets to international stocks and another 3% of assets to private equities. Domestic equities, which were concentrated in growth stocks, will be reduced to 53% from 63%.
Separately, Treasurer Patricia A. Small, whose office had managed the entire $58 billion portfolio internally, resigned Monday, following pressure from the board. She had been treasurer since 1995 and been with the treasurers office for nearly 29 years. She will receive a compensation package totalling $671,000.
A search is under way for a successor. Ms. Small will step down no later than Dec. 31.
In a statement, Ms. Small said she was proud of what I have helped to accomplish over these last 29 years. She noted that university assets have had a long record of safety and performance, growing from less than $1 billion at the beginning of her tenure and increasing by $25 billion in the past five years alone.